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Product Details
Bank Name

Canara Bank

Account Name

Account Type

Savings Account

Interest Rate

Balance of less than Rs. 50 Lakh-2.90%

Free Debit Card

Rupay Select Debit card

Account Opening Fees

0

Annual Maintenance Fees

0

Minimum Account Balance

0

Debit Card Charges

Free

NEFT Charges

Free for online transactions.

IMPS Charges

Free for online transactions.

Fees and Charges

0
Special Features
  • 2 domestic airport lounge access per quarter and 2 international airport lounge access per annum.

  • Offers health insurance through associate partners.

Eligibility Criteria
  • Pensioner/Prospective pensioner including all the employees retired on voluntary basis or normal retirement, who has given mandate for credit of their pension in the account including Defence personnel. Account will be opened preferably jointly with spouse only, with operational instructions of Former/Survivor. However, the benefits will be with the first holder as Pensioner. The account may be opened with single name of pensioner also.

  • Monthly Pension credit: Monthly pension above Rs.50000.

Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
  • 2 domestic airport lounge access per quarter and 2 international airport lounge access per annum.

  • Offers health insurance through associate partners.

  • Free personal accident insurance & air accident insurance cover.

  • No minimum balance requirement.

  • 50 % concession in rent of locker rent.

  • No processing charge for pension loans.

  • 50 % waiver of processing fees may be provided for home loans.

  • Free credit card Issuance

  • Free NEFT/ RTGS/ NET Banking/ SMS Alerts/IMPS/DD transactions.  

  • Concession in locker rent.

  • Instant overdraft facility.

  • TD Sweep in/Sweep Out facility is available.

  • Concession on medicine purchase.

  • Pension Seva portal with various service offer.

  • Pension Grievance Redressal System (GRS).

Cons
  • Low interest rates.

  • Canara Bank has a limited branch and ATM network. 

Application Procedure

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Product Review
Account Opening and Procedure
How to open an Account?

Steps:

  1. Visit a Canara Bank Branch: Go to the nearest Canara Bank branch with all the required documents.

  2. Submit the Application: Fill out the application form accurately and submit it along with the necessary documents to the bank official.

  3. Account Opening: The bank official will verify your documents and initiate the account opening process.

  4. Receive Account Details: Once the account is opened, you will receive your account number, passbook (if applicable), and other relevant details.

Application Procedure
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